The rand fell by 1% against the majors yesterday as the ailing power utility Eskom suffered a 2.3 billion rand ($170 million) loss for the 2017/18 financial year.
Markets digested the state-owned entity’s gloomy picture as it punches a hole in the government’s balance sheet. The rand is on the back foot as investors try to shrug off trade uncertainty and Trump’s recent tweet on Iran.
On the data calendar today, the BRICS boys are in town for the 2018 summit with Finance minister Nene and Reserve Bank Governor Kganyago speaking later on. Also on the cards is EU and US manufacturing data. Have a lovely one.
Latest Rates
USD/ZAR 13.516
GBP/ZAR 17.687
EUR/ZAR 15.781
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CNY/ZAR 1.9821
AUD/ZAR 9.9663
CHF/ZAR 13.5938
AED/ZAR 3.6758
SGD/ZAR 9.8865
NOK/ZAR 1.645
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GBP/USD
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